Credit Advice for the New Year: How to Get Out of Debt in 2021?
Happy New Year! A new year is a new start. If you’ve faced some financial challenges last year, now is a good time to take some steps to rebuild your credit score and manage your debt. A series of small changes are all you need to bring your credit back on track! Here are some […]
Now is the Time to File a Consumer Proposal – How Our Client Reduced $100,000+ Debt to $12,000
In today’s uncertain environment, creditors are more flexible than ever. If you’re facing financial distress, now is the time to consider filing a consumer proposal and making an offer to your creditors to settle your debts for less than what you owe. In most cases, you can even keep your home and ensure that your […]
Canadian Tax Consultants: Do You Have a Debt Relief Partner to Support Your Tax Clients Who are in Trouble?
It is not uncommon to find out that your client is facing financial troubles – particularly during the time of a global pandemic. In fact, many independent professionals and tax specialists including personal tax accountants, tax preparers, bookkeepers, financial advisors, lawyers, and estate planners are amongst the first to learn that their client is facing […]
Canada Emergency Response Benefit (CERB) and the CRA Tax Implications – Here’s What You Need to Know
There is no denying that the Canada Emergency Response Benefit (CERB) helped many Canadians – over 8.5 million individuals to be specific. To get the money into the hands of the Canadians who needed it, the government processed applications as swiftly as possible. To do this in record time, the government relied very heavily on […]
FAQ: I want to refinance but COVID-19 has ruined my credit?
With the pandemic causing business closures and layoffs across the country, many individuals feel that their credit score has taken a hit. Where to start? While the situation might seem gloomy at the moment, your credit may not be as bad you think it is. The first step towards creating a practical plan of action […]
Does a Lower Interest Rate Really Mean That You Should Borrow More?
As the economy is beginning to show signs of recovery and the physical distancing rules are being eased, various benefits and deferrals mandated by the government are also ending. With the buffer being removed, it is crucial for you to evaluate your financial position to ensure that you’re prepared to handle your debt payments. For […]
Homeowners: How to Cut $25,000 of Debt Down to a Minimum Payment of $320.00 Per Month?
With the COVID-19 pandemic affecting the overall income of most households, it is wise to re-evaluate your financial plans to ensure that you’re able to pay your debt and retain your assets. This is particularly useful if you’re anticipating additional expenditure or a decline in your monthly income. If you are looking for ways to […]
What to Expect When the CRA Resumes Collection Action?
The Canadian government has launched a number of relief measures to assist Canadians during the COVID-19 crisis. These included the provision of additional benefits, temporary suspension of debt collection activities, and extension of tax filing deadlines. The Canada Revenue Agency (CRA) also confirmed that individuals who file their 2019 individual income tax returns before September […]
BOC Interest Rate Announcement and Your Lendable Equity: Are They Correlated?
The COVID-19 pandemic has impacted economies across the globe and the Canadian economy is no different. Economic uncertainty has led to business closures, unemployment, and a decline in real estate activity. Looking specifically at the real estate industry, there has been a significant decline in the number of properties sold over the past few months. […]
Pros and Cons of Refinancing Your Mortgage to Get Out of Debt
Mortgage refinancing is a popular way to get out of debt, but is it the right option for you? During the ongoing COVID-19 pandemic, you may be looking for ways to reduce your debt load. If you own a home, you can use available equity to pay down your debts. Read on for the pros […]